Gulf Co-operation Council representatives meet on January 5, 2021 at the ancient heritage site of Al Ula in Saudi Arabia for the bloc’s 41st annual summit. Pictured from left are the Emir of Kuwait Sheikh Nawaf Al Ahmad Al Jaber Al Sabah; Emir of Qatar Sheikh Tamim bin Hamad bin Khalifa Al Thani; Deputy Prime Minister for the Council of Ministers’ Affairs of the Sultanate of Oman Sayyid Fahd bin Mahmoud Al Said; Saudi Arabia’s Crown Prince Mohammed bin Salman; Bahrain Crown Prince Salman bin Hamad bin Isa Al Khalifa, UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum and GCC Secretary General Dr Nayef Mubarak Al Hajraf. EPA
Gulf Co-operation Council representatives meet on January 5, 2021 at the ancient heritage site of Al Ula in Saudi Arabia for the bloc’s 41st annual summit. Pictured from left are the Emir of Kuwait Sheikh Nawaf Al Ahmad Al Jaber Al Sabah; Emir of Qatar Sheikh Tamim bin Hamad bin Khalifa Al Thani; Deputy Prime Minister for the Council of Ministers’ Affairs of the Sultanate of Oman Sayyid Fahd bin Mahmoud Al Said; Saudi Arabia’s Crown Prince Mohammed bin Salman; Bahrain Crown Prince Salman bin Hamad bin Isa Al Khalifa, UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum and GCC Secretary General Dr Nayef Mubarak Al Hajraf. EPA
Gulf Co-operation Council representatives meet on January 5, 2021 at the ancient heritage site of Al Ula in Saudi Arabia for the bloc’s 41st annual summit. Pictured from left are the Emir of Kuwait Sheikh Nawaf Al Ahmad Al Jaber Al Sabah; Emir of Qatar Sheikh Tamim bin Hamad bin Khalifa Al Thani; Deputy Prime Minister for the Council of Ministers’ Affairs of the Sultanate of Oman Sayyid Fahd bin Mahmoud Al Said; Saudi Arabia’s Crown Prince Mohammed bin Salman; Bahrain Crown Prince Salman bin Hamad bin Isa Al Khalifa, UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum and GCC Secretary General Dr Nayef Mubarak Al Hajraf. EPA
Gulf Co-operation Council representatives meet on January 5, 2021 at the ancient heritage site of Al Ula in Saudi Arabia for the bloc’s 41st annual summit. Pictured from left are the Emir of Kuwait Sh

Britain's Raab says GCC summit announcement a 'significant development' for unity


Damien McElroy
  • English
  • Arabic

British Foreign Secretary Dominic Raab joined his US and EU counterparts on Wednesday in welcoming the Al Ula Declaration and final communique of the six member Gulf Cooperation Council.

"The UK has long encouraged all parties to find a resolution to this dispute. The GCC is our third largest export market outside of the EU and we look forward to continued collaboration with all our friends in the Gulf to strengthen our shared security and prosperity interests," Mr Raab said.

"Yesterday’s GCC Summit announcement is a significant development on the path to restoring Gulf unity. I pay testament to Kuwaiti mediation efforts, and urge the parties to continue building on this positive dialogue."

Mike Pompeo, the US Secretary of State, also issued a statement on the meeting, which marked the 40th anniversary of the signing of the organisation's Charter in Abu Dhabi.

"We have long stressed that a truly united Gulf will bring added prosperity through the free flow of goods and services and more security to its people. We welcome the pledge today to restore co-operation in military, economic, health, counter-corruption and cultural initiatives," Mr Pompeo said.

"We hope the Gulf countries will continue to reconcile their differences."

Restoring full diplomatic relations was imperative for all parties in the region to unite against common threats, he said.

"We are stronger when we stand together," Mr Pompeo said.

"The United States thanks Kuwait for its mediation efforts and support in resolving the Gulf dispute."

Meanwhile, Europe's top diplomat also said there was a turning of the corner in the Qatar crisis and that unity could foster progress.

"The European Union welcomes these significant developments as they will considerably strengthen regional stability and restore GCC unity and cooperation in full," officials working for Josef Borrell, the high representative for foreign affairs said.

"We commend in this respect the mediation role played by Kuwait all along, as well as by the US.

"The EU stands ready to support further regional integration within the Gulf Cooperation Council and to strengthen its long-standing partnership with the GCC."

UAE currency: the story behind the money in your pockets

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

UAE currency: the story behind the money in your pockets
Heavily-sugared soft drinks slip through the tax net

Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.

Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.

A 680ml can of Arizona Iced Tea costs just Dh6.

Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.

Our legal advisor

Rasmi Ragy is a senior counsel at Charles Russell Speechlys, a law firm headquartered in London with offices in Europe, the Middle East and Hong Kong.

Experience: Prosecutor in Egypt with more than 40 years experience across the GCC.

Education: Ain Shams University, Egypt, in 1978.

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

The biog

Marital status: Separated with two young daughters

Education: Master's degree from American Univeristy of Cairo

Favourite book: That Is How They Defeat Despair by Salwa Aladian

Favourite Motto: Their happiness is your happiness

Goal: For Nefsy to become his legacy long after he is gon

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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

UAE currency: the story behind the money in your pockets
Where to submit a sample

Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain

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Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

match info

Maratha Arabians 138-2

C Lynn 91*, A Lyth 20, B Laughlin 1-15

Team Abu Dhabi 114-3

L Wright 40*, L Malinga 0-13, M McClenaghan 1-17

Maratha Arabians won by 24 runs

While you're here
The Specs:

The Specs:

Engine: 2.9-litre, V6 twin-turbo

Transmission: 8-speed automatic

Power: 444bhp

Torque: 600Nm

Price: AED 356,580 incl VAT

On sale: now.

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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)

Our family matters legal consultant

 

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

'Ashkal'
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The Vile

Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

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Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5